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Policy
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Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
G10 Markets
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Real-time insight on key fixed income and fx markets.
Launch MNI Podcasts -
Emerging Markets
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Real-time insight of emerging markets in CEMEA, Asia and LatAm region
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Commodities
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Real-time insight of oil & gas markets
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Data
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MNI Research
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
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About Us
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Free AccessLooking At Tuesday's Chop
A muted reopen for T-Notes, -0-03+ at 134-18, operating around late NY levels.
- To recap, the bid that was seen during European hours-early NY dealing (resulting in fresh multi-month lows for 5- to 30-Year yields) faded as we moved through the day, with the cash Tsy curve twist steepening as benchmarks out to 5-Years richened by ~2.0bp, while the longer end of the curve cheapened by ~5.5bp.
- The by now familiar risk-off factors supported the space ahead of NY hours, with softer than expected building permits data also feeding in during early NY dealing. That was before the S&P 500 rallied from worst levels of the day to finish ~1.50% higher, unwinding Monday's losses. There was little in the way of outright drivers seen re: equities, with the Tsy space snapping back alongside the equity rally. Note that J.P.Morgan moved their end of 21 EPS & price target for the S&P 500 higher. The stronger USD likely fed into the strengthening of the domestic equity markets. Longer dated swaps ran wider on the day, feeding into the cheapening that kicked in during NY hours, with an uptick in $ corporate issuance eyed.
- There is nothing in the way of tier 1 risk events slated for Asia-Pac hours on Wednesday. Looking ahead, 20-Year Tsy supply and fiscal matters on the Hill are set to dominate during NY hours on Wednesday.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.